REPORT  OF  THE  WINDING  UP 


OF  THE 

INTERCHURCH  WORLD  MOVEMENT 
OF  NORTH  AMERICA,  INC. 


SUBMITTED  BY  THE  BUSINESS  MEN’S  COMMITTEE 


REPORT  ON  THE  WINDING  UP  OF  THE  INTERCHURCH  WORLD 
MOVEMENT  OP  NORTH  AMERICA,  INC.,  SUBMITTED 
BY  THE  BUSINESS  MEN’S  COMMITTEE 


When  the  General  Committee  of  the  Interchurch  World  Movement 
of  North  America  met  on  June  18,  1920  and  considered  the  financial  situ- 
ation confronting  the  organization  at  that  juncture,  it  was  decided  that 
a group  of  business  men  should  be  ashed  to  give  the  problem  careful  study 
and  bring  in  a report  at  a subsequent  meeting.  For  this  purpose  the  fol- 
lowing gentlemen  were  appointed  to  act  as  a Business  Men’s  Committee: 
Raymond  B.  Fosdick,  Trevor  Arnett,  Fleming  H.  Revell,  George  Innes, 
George  Wellwood  Murray  and  James  M.  Speers.  Mr.  Speers  was  elected 
Chairman. 

After  a thorough  consideration  of  the  situation,  this  Committee 
reported  to  the  General  Committee  on  June  28,  1920  that  the  liabilities 
of  the  Movement  far  exceeded  its  assets,  that  the  expenses  of  the  Continu- 
ation Financial  Campaign  then  under  way  were  much  greater  than  the 
amount  of  the  receipts,  and  that  no  funds  were  available  with  which  to 
continue  operations.  The  Committee,  accordingly,  recommended  an  im- 
mediate cessation  of  activities.  This  recommendation  was  adopted  by  the 
General  Committee  and  the  matter  of  liquidation  was  left  in  the  hands  of 
a Sub-committee  of  the  Business  Men’s  Committee  composed  of  Messrs. 
James  M.  Speers  and  Raymond  B.  Fosdick.*  The  whole  force  accordingly 
was  at  once  demobilized  but  a certain  necessary  group  was  immediately  re- 
engaged to  carry  on  liquidation  operations. 

The  financial  situation  which  confronted  the  Business  Men’s  Committee 
was  briefly  as  follows : 

Liabilities. 

Notes  Payable  

Leases — Greenhut  Bldg,  and  other  Premises 

Accounts  Payable  

Salaries  and  discontinuance  allowances  which  would 
have  to  be  paid  to  effect  an  immediate  cessation 
of  activities  


$7,466,864.00 

5,062,369.00 

271,220.00 


100,000.00  $12,900,453.00 


*The  General  Committee,  at  its  meeting  on  April  8th,  1921,  placed  the  final  winding-up 
of  the  affairs  of  the  Movement  in  the  hands  of  a committee  of  three  (Messrs.  Speers,  Fos- 
dick and  Arnett)  with  power  to  complete  the  liquidation  of  the  organization  and  to  take 
such  legal  steps  as  might  be  necessary  to  secure  the  final  discharge  and  dissolution  of  the 
Interchurch  World  Movement. 


3 


Assets. 

Underwritings  given  by  the  Churches  which  were 

borrowed  against  $6,561,261.73 

Cash  132,037.50 

Accounts  Receivable  110,118.05 

U.  S.  Gov’t.  & Victory  Bonds 2,850.00 

Equipment,  Supplies,  etc 275,000.00 

Pledge  of  Mr.  John  D.  Rockefeller,  Jr.,  towards 
expenses  of  Continuation  Campaign 250,000.00 


7,331,267.28 


EXCESS  OF  KNOWN  LIABILITIES  OVER 
KNOWN  ASSETS  $5,569,185.72 


From  the  foregoing  it  will  be  noted  that  the  Business  Men’s  Committee 
was  faced  with  the  ominous  fact  that  the  known  liabilities  of  the  Movement 
exceeded  the  assets  that  could  be  considered  available  by  upwards  of  five 
and  a half  million  dollars.  Even  some  of  these  assets  were  in  part  prob- 
lematical, particularly  the  large  item  covered  by  underwritings  ($6,561,- 
261.73)  which  had  been  given  by  61  denominations  and  institutions  and 
which  had  been  used  bv  the  Movement  as  the  security  basis  for  its  loans 
at  the  banks.  There  were  those  among  the  banking  group  who  without 
full  realization  of  the  sense  of  loyalty  and  honor  which  lay  behind  obli- 
gations undertaken  by  the  churches,  expressed  grave  doubts  as  to  the 
collectibility  of  these  underwritings.  These  doubts,  as  this  report  indicates, 
were  without  foundation.  Some  of  the  pledges  made  by  Friendly  Citizens 
through  the  Financial  Campaign  were  of  uncertain  value  as  a result  of 
the  cessation  of  activities,  while  in  some  instances  underwritings  given  by 
church  bodies  and  others,  but  not  borrowed  against,  were  in  no  sense  a 
legal  obligation.  These  several  items,  accordingly,  could  not  properly  be 
included  in  a list  of  assets  in  the  strict  sense  of  the  term. 

Confronted  with  a deficit  running  into  these  large  figures,  the  Business 
Men’s  Committee  decided  to  pursue  a course  of  action  having  in  mind 
particularly  the  following  major  objectives: 

(1)  To  co-operate  with  the  Bankers  Trust  Company  in  an  endeavor  to  secure 
payment  of  the  Underwritings  Borrowed  Against,  thereby  liquidating  the  bank 
loans. 

(2)  To  dispose  of  the  several  leasehold  obligations  (particularly  the  ten  year 
lease  on  the  Greenhut  Building),  by  sub-letting  the  premises  involved  or  by  arrang- 
ing an  appropriate  adjustment  with  the  owners. 

(3)  To  call  the  attention  of  the  underwriters,  whose  underwritings  were  not 
borrowed  against,  to  the  existing  condition,  emphasizing  how  vital  it  was,  both  on 
grounds  of  principle  and  of  policy,  that  Protestant  Christianity  should  maintain 
its  moral  credit  and  urging  that  they  take  under  serious  consideration  the  matter 
of  making  payments  against  these  underwritings  as  though  they  were  a legal  obliga- 
tion. 


4 


(4)  In  like  manner  also  to  urge  the  same  consideration  upon  the  subscribers 
through  the  Financial  Campaign  in  the  hope  that  many  of  them  would  feel  impelled 
to  meet  their  subscriptions  despite  the  change  in  the  Movement’s  outlook. 

(5)  To  discover  the  unrecorded  assets  of  the  Movement  and  to  develop  these— 
as  well  as  the  recorded  assets — to  the  point  of  financial  realization;  conversely,  to 
determine  and  liquidate  the  general  liabilities  of  the  Movement. 

(6)  To  conserve,  and  if  possible  to  complete  and  keep  up  to  date,  the  exceed- 
ingly valuable  survey  material,  as  well  as  all  other  data  of  informational  value  to  the 
Churches,  and  to  arrange  temporarily  for  the  continuation — under  appropriate 
auspices — of  various  Interchurch  activities,  the  immediate  cancellation  of  which 
would  be  a distinct  and  emphatic  loss  to  the  Church  as  a whole. 

The  Business  Men’s  Committee,  accordingly,  begs  to  report  in  respect 
of  the  foregoing,  as  follows : 

1.  Underwritings  Borrowed  Against  and  Bankers  Trust  Company 
Loans. 

It  is  with  particular  gratification  that  we  report  a total  of  $6,545,- 
734.73  paid  in  respect  of  the  underwritings  made  bv  Church  organiza- 
tions borrowed  against  which  amounted  to  $6,561,261.73.  A balance  of 
$15,527  is  still  due  the  Bankers  Trust  Company  by  three  guarantors.  Two 
of  these  have  already  made  payments  on  account  and  the  Committee  con- 
fidently hopes  that,  before  lone1,  the  remaining  balance  will  be  liquidated. 
(See  Exhibit  A.) 

2.  Greenhut  Building  and  Other  Leasehold  Obligations. 

Almost  immediately  subsequent  to  the  time  when  the  Business  Men’s 
Committee  assumed  direction  of  the  liquidation  operations,  the  real  estate 
market  in  New  York  City  fell  and  it  was  found  utterly  impossible  to 
dispose  of  the  Greenhut  Building  lease  or  to  sub-let  more  than  a very 
small  portion  of  the  space.  The  rent  was  accordingly  paid  until  Janu- 
ary, 1921,  when  after  protracted  negotiations,  which  threatened  at  times 
to  lead  to  a law  suit,  a cancellation  of  the  entire  lease  was  effected  for 
the  sum  of  $750,000.  In  considering  this  figure  it  should  be  remembered 
that  the  owners  of  the  building  had  made  alterations  and  repairs  at  an 
expense  of  approximately  $500,000,  part  of  which  would  not  have  been 
demanded  if  they  had  leased  the  building,  as  they  had  opportunity  of 
doing,  to  regular  commercial  concerns.  As  this  $750,000  had  to  be  paid 
in  cash,  the  Business  Men’s  Committee  was  obliged  to  borrow  $700,000 
from  a New  York  bank.  Receipts  secured  through  realization  on  the 
assets  of  the  Movement,  together  with  various  contributions,  enabled  the 
Committee  to  reduce  this  loan  by  $297,000.  A few  weeks  ago  Mr.  John 
D.  Rockefeller,  Jr.,  made  a contribution  of  $403,000  to  the  Interchurch 

5 


World  Movement  which  made  it  possible  for  the  Committee  to  pay  off  this 
obligation  in  full. 

Certain  of  the  other  premises  under  lease  by  the  Movement  (includ- 
ing various  state  offices)  were  sub-let,  but  in  most  cases  it  was  necessary 
to  pay  rent  until  the  leases  expired.  (See  Exhibit  B.) 

3.  Underwritings  Not  Borrowed  Against. 

As  will  be  noted  from  Exhibit  C,  $1,138,277.45  has  been  paid  to  date 
against  a total  of  $1,617,909.95  underwritten.  It  is  exceedingly  unlikely 
that  any  further  sums  will  be  forthcoming  in  respect  of  the  Underwritings 
Not  Borrowed  Against.  When  it  is  remembered,  however,  that  failure  to 
use  these  guarantees  as  collateral  at  the  bank  divested  them  of  any  legal 
significance,  and  the  underwriters  accordingly  were  subject  to  a moral 
obligation  solely,  the  results  set  forth  are  a high  tribute  to  the  fine  sense 
of  honor  of  the  organizations  who  voluntarily,  and  in  several  instances 
sacrificially,  saw  fit  to  meet  these  underwritings. 

It  should  be  mentioned  here  that  in  order  to  meet  a critical  banking 
emergency  at  an  important  juncture  in  the  life  of  the  Movement,  Mr. 
John  D.  Rockefeller,  Jr.,  signed  an  underwriting  for  a million  dollars. 
It  was  not,  however,  found  necessary  to  use  this  underwriting  at  the 
time,  and  failure  to  use  it  when,  and  as,  it  was  intended  it  should  be  used, 
entirely  relieved  Mr.  Rockefeller  from  any  legal  obligation  to  pay  it. 
Nevertheless,  in  order  to  meet  the  critical  situation  with  which  the  Business 
Men’s  Committee  found  itself  confronted,  Mr.  Rockefeller  promptly  paid 
the  underwriting  in  full. 

4.  Financial  Campaign  Subscriptions. 

Immediately  after  assuming  charge  of  the  liquidation  operations,  the 
Business  Men’s  Committee  addressed  an  urgent  appeal  to  the  subscribers 
under  the  Friendly  Citizens  Campaign  urging  them  to  stand  by  their 
pledges  and  thereby  assist  the  Committee  in  its  efforts  to  adjust  the  obli- 
gations of  the  Movement  in  a manner  that  would  redound  to  the  credit 
of  Protestant  Christianity.  This  appeal  elicited  a particularly  generous 
response,  approximately  $200,000  being  received.  A difficulty  encountered 
bv  the  Committee  in  its  efforts  to  collect  subscriptions  was  the  Local 
Treasurer,  of  whom  there  were  more  than  6,000  throughout  the  country. 
In  an  endeavor  to  stimulate  the  local  consciousness,  doubtless,  the  Inter- 
church executives  had  decided  to  leave  the  collection  of  pledges  in  the 
hands  of  local  appointees  rather  than  centralize  the  control  at  head- 
quarters. Even  under  the  best  of  circumstances  such  an  arrangement 
would  have  given  much  opportunity  for  inaccuracy  and  misunderstanding, 
but  in  the  case  of  an  undertaking  such  as  this,  so  broadly  conceived  and 

6 


so  hastily  planned,  conditions  bordering  on  the  chaotic  were  bound  to 
develop.  In  numerous  instances  monies  collected  against  Interchurch 
pledges  were  forwarded  by  these  local  treasurers  to  denominational  head- 
quarters or,  due  to  a vague  conception  of  the  significance  of  the  Movement, 
were  used  for  local  purposes.  Furthermore,  many  local  treasurers  were 
discovered  whose  appointments  were  not  made  from,  and  accordingly  were 
not  on  record  at,  headquarters  and  it  can  be  assumed  that  others 
whose  identity  has  not  been  discovered  are  in  possession  of  Interchurch 
funds.  In  the  face  of  such  unhappy  circumstances,  the  Business  Men’s 
Committee  has  done  its  best  to  collect  all  contributions  properly  belonging 
to  the  Movement,  and  it  is  glad  to  be  able  to  report  that  the  result 
achieved  is  far  beyond  what  was  anticipated  by  even  the  most  sanguine  in 
June,  1920. 

5.  Winding  Up  the  Movement. 

a.  Statement  of  Assets  and  Liabilities. 

Due  to  the  fact  that  no  one  formerly  connected  with  the  Movement 
was  able  to  furnish  the  Business  Men’s  Committee  with  a statement  of  the 
Assets  and  Liabilities  of  the  Movement,  or  even  an  inventory  of  its  equip- 
ment and  stock,  some  little  time  ensued  before  it  was  possible  to  compile 
a full  and  accurate  statement  of  the  Movement’s  financial  condition. 
However,  a statement  of  receipts  and  disbursements  for  the  period  from 
the  beginning  of  the  Movement  to  October  31,  1923,  bearing  the  certifi- 
cation of  Messrs.  Patterson,  Teele  and  Dennis,  is  submitted  as  Exhibit  D 
herewith. 

b.  Equipment  and  Supplies. 

A very  large  stock  of  office  equipment  (desks,  typewriters,  and  so  forth), 
as  well  as  a vast  stock  of  miscellaneous  supplies  (embracing  paper 
purchased  for  use  by  the  publishing  department  and  general  office  ac- 
cessories), was  on  hand.  This,  unfortunately,  had  to  be  liquidated  on  a 
falling  market. 

c.  Motion  Pictures. 

Two  groups  were  abroad  in  Africa  and  Asia  securing  motion  pictures 
when  activities  ceased  in  June,  1920.  When  these  returned  some  months 
later  the  films  secured  had  to  be  marketed,  but  only  a fraction  of  the 
outlay  was  recovered. 

d.  Program  Fund  Campaign. 

The  Second  or  Program  Fund  Financial  Campaign,  which  was  con- 
ducted during  May  and  June,  1920  with  the  object  of  raising  funds  for 
the  continuation  of  the  Movement,  resulted  in  an  amount  of  $85,456.62 

7 


being  subscribed,  of  which  amount  $68,788.89  was  paid.  It  was  definitely 
stipulated  that  the  funds  contributed  through  the  medium  of  this  cam- 
paign were  to  be  used  only  in  carrying  forward  the  regular  work  of  the 
Movement  and  therefore,  in  view  of  the  subsequent  change  in  circumstances, 
an  appeal  was  addressed  to  the  subscribers  requesting  permission  to  use 
these  funds  in  the  adjustment  of  the  general  financial  obligations.  As  a 
result  of  this  appeal  certain  subscribers  who  had  made  payments  totaling 
$8,787.66  on  their  subscriptions  instructed  that  their  payments  be  returned 
to  them,  while  certain  other  subscribers  who  had  made  payments  totaling 
$7,600.66  instructed  that  the  money  they  had  paid  should  be  used  in 
carrying  forward  the  magazine  Everyland.  These  instructions  were  duly 
carried  out.  This  left  a balance  of  $52,400.57  which  inured  to  the  benefit 
of  the  Movement. 

e.  Liabilities. 

Every  account  submitted  for  payment  which  has  been  found  in  order 
has  been  duly  paid  and  there  are  now  no  liabilities  outstanding  of  which 
the  Committee  is  aware.  It  has  been  thought  advisable,  however,  to  set 
aside  a special  fund  amounting  approximately  to  $2,500  for  the  purpose 
of  meeting  any  bills  that  may  be  submitted  subsequent  to  the  present  time. 

6.  Closing  Out  of  Activities. 

When  it  commenced  liquidation  the  Committee  found  a vast  organi- 
zation and  very  immediate  and  drastic  steps  had  to  be  taken  to  carry 
out  the  instructions  of  the  General  Committee.  Extreme  care  was  exercised, 
however,  to  avoid  the  immediate  cancellation  of  any  activity  of  vital  signifi- 
cance to  the  Churches  and  every  effort  was  made  to  secure  appropriate 
sponsorship  for  all  such.  As  will  be  seen  from  the  subsequent  paragraphs, 
satisfactory  provision  was  made  in  that  connection. 

The  activities  of  the  Movement  were  divided  into  four  groups,  namely : 

a.  Administrative  Group. 

b.  Survey  Group. 

c.  Educational  Group. 

d.  Promulgation  Group. 

a.  Administrative  Group. 

The  Administrative  Group  was  entirely  demobilized  and  its  essential 
functions  were  carried  on  by  those  in  charge  of  the  liquidation  operations. 

b.  Survey  Group. 

The  Survey  Group  was  also  discontinued,  but  the  Business  Men’s 
Committee  found  that  they  had  on  hand  a great  deal  of  survey  material 
which  in  its  undeveloped  state  was  of  little  value  to  the  Churches.  They 

8 


were,  however,  successful  in  interesting  a group  of  men  in  the  situation 
with  the  result  that  an  organization  known  as  The  Committee  on  Social 
and  Religious  Surveys  was  formed  to  carry  these  surveys  to  a point  where 
they  would  be  of  substantial  value  to  the  Churches.  In  the  spring  of  1922, 
pursuant  to  the  instructions  of  the  General  Committee  of  the  Interchurch 
World  Movement,  set  forth  at  its  meeting  on  April  8,  1921,  the  Committee 
on  Social  and  Religious  Surveys  transferred  the  schedules  and  other  data 
taken  over  from  the  Interchurch  World  Movement  to  the  following  organi- 
zations : 

The  Foreign  Mission  survey  material  to  the  Foreign  Missions  Con- 
ference of  North  America. 

The  Home  Mission  survey  material  to  the  Home  Missions  Council. 

Certain  survey  material,  lists  of  names,  etc.,  to  the  Council  of  Women 
for  Home  Missions  and  the  Federation  of  Women’s  Boards  of 
Foreign  Missions. 

The  American  educational  survey  material  to  the  Sunday  School 
Council  of  Evangelical  Denominations  and  the  International  Sun- 
day School  Association  jointly. 

Certain  items  of  survey  material  to  the  Federal  Council  of  the  Churches 
of  Christ  in  America. 

Certain  maps,  charts,  photographs,  etc.,  which  are  not  an  essential 
part  of  the  survey  material,  to  the  Missionary  Education  Move- 
ment which  will  retain  them  only  so  long  as  it  is  continued  in 
appropriate  relationship  to  the  mission  boards  and  to  the  other 
interdenominational  organizations  and  to  the  Federal  Council. 

c.  Educational  Group. 

The  activities  of  the  six  departments  of  the  Educational  Group  were 
discontinued  as  of  June  28,  1920  wTith  the  exception  of  the  Missionary  Educa- 
tion Department  which  was  carried  on  with  the  least  necessary  impairment 
until  December  31,  1920  when  its  activities  were  resumed  by  the  Board  of 
Directors  of  the  Missionary  Education  Movement.  It  gave  the  Business 
Men’s  Committee  peculiar  satisfaction  to  turn  back  to  the  Directors  of  the 
Missionary  Education  Movement,  clear  of  debt  and  with  a large  and  val- 
uable stock  in  hand,  an  undertaking  which  the  Interchurch  World  Move- 
ment had  taken  over  less  than  two  years  previously  heavily  encumbered 
and  in  a rather  unsatisfactory  condition  generally. 

d.  Promulgation  Group. 

The  activities  of  the  Promulgation  Group  were  discontinued  with  the 
exceptions  noted  hereunder: 


9 


World  Outlook. 


The  magazine  World  Outlook  was  transferred  to  Mr.  and  Mrs.  John 
H.  Watkins  in  August,  1920,  and  about  October  1st  was  consolidated 
with  the  Christian  Herald.  It  is  with  special  gratification  that  we  make 
note  of  the  fact  that  the  Christian  Herald  undertook  to  fulfill  the  World 
Outlook  subscription  obligations  and  that  no  dissatisfaction  has  developed 
as  a result. 

Everyland. 

After  exceedingly  lengthy  negotiations  the  children’s  magazine  Every- 
land, which  was  discontinued  with  the  July,  1920  issue,  was  resumed  under 
the  direction  of  the  Central  Committee  on  the  United  Study  of  Foreign 
Missions  in  November,  1921.  The  Business  Men’s  Committee  turned  over 
the  sum  of  $10,100.66  to  this  organization  on  November  1,  1921.  This 
sum  represented  a subsidy  of  $2,500  given  on  condition  that  the  Central 
Committee  on  the  United  Study  of  Foreign  Missions  assume  all  subscrip- 
tions and  other  obligations  of  the  Interchurch  World  Movement  in  Every- 
land, and  an  amount  of  $7,600.66  contributed  by  members  of  the  Women’s 
Hundred  Dollar  League  under  the  Program  Fund  Campaign,  but  designated 
in  favor  of  this  beneficiary.  The  Business  Men’s  Committee  is  glad  to  report 
that  a valuable  magazine  is  now  being  issued  which  admirably  meets  the 
needs  of  the  juvenile  constituency. 

To  Summarize. 

The  demobilization  of  the  organization  has  been  completed.  All  known 
assets  have  been  collected,  with  the  exceptions  hereinbefore  noted,  and  due 
provision  has  been  made  for  the  liquidation  of  these  items.  All  known 
liabilities,  apart  from  the  bank  loans  already  referred  to,  have  been  dis- 
charged and  a small  reserve  set  aside  to  meet  any  claims  that  may  be 
substantiated  in  the  future.  The  bank  loans  have  been  reduced  to  $15,527.00 
and  will  be  wiped  out  in  due  season  by  receipts  which  it  is  confidently 
believed  will  eventuate. 

The  Business  Men’s  Committee,  accordingly,  has  taken  the  legal  steps 
necessary  for  the  final  discharge  and  dissolution  of  the  corporation  and 
this  will  be  effected  within  a short  time.  The  Business  Men’s  Committee, 
therefore,  feels  that  the  task  entrusted  to  it  has  been  completed. 

We  cannot  close  this  report  without  an  expression  of  appreciation  of 
the  services  rendered  by  Mr.  A.  W.  Armour,  whom  the  Committee  ap- 
pointed in  1920  as  its  executive  officer,  and  upon  whom  has  rested  the 
detail  work  of  carrying  out  the  Committee’s  plan.  It  is  in  no  small  measure 
due  to  his  resourcefulness,  his  tact,  and  his  ability  to  deal  with  difficult 

10 


and  unusual  situations  that  the  Committee  is  able  to  report  the  successful 
completion  of  the  task  committed  to  it. 

(Signed)  James  M.  Speers,  Chairman, 

“ Raymond  B.  Fosdick. 

“ Trevor  Arnett. 


11 


EXHIBIT  A. 


UNDERWRITINGS  BORROWED  AGAINST 
October  31st,  1923 


Amount  of 

Payments 

Balance 

Guarantors 

Guarantee 

Made 

Due 

General  Baptists 

Board  of  Trustees  of  General  Association. $ 

17,000.00 

$ 17,000.00 

None 

Northern  Baptists  Convention 

General  Board  of  Promotion 

2,500,000.00 

2,500,000.00 

“ 

United  Brethren  in  Christ 

Board  of  Administration 

30,500.00 

30,500.00 

Church  Erection  Society 

10,000.00 

10,000.00 

Foreign  Missionary  Society 

20.000.00 

20,000.00 

Home  Missionary  Society 

15,000.00 

15,000.00 

(( 

General  Sunday  School  Board 

2,275.00 

2,275.00 

(( 

Five  Year  Meeting  of  the  Society 

of  Friends  

2,000.00 

2,000.00 

“ 

Congregational 

Education  Society  

66,000.00 

66,000.00 

American  Board  of  Commissioners  for 

Foreign  Missions  

36,000.00 

36,000.00 

Board  of  Ministerial  Relief 

4,000.00 

4,000.00 

“ 

Building  Society  

16,000.00 

16,000.00 

a 

Home  Missionary  Society 

18,000.00 

18,000.00 

a 

Sunday  School  Extension  Society 

2,000.00 

2,000.00 

a 

American  Missionary  Association 

18,000.00 

18,000.00 

it 

The  Disciples  of  Christ 

Board  of  Education 

300,000.00 

300,000.00 

tt 

American  Christian  Missionary  Society.. 

50,000.00 

50,000.00 

a 

A.  C.  M.  S.  Bible  School  Department.... 

9,866.55 

9,866.55 

a 

Board  of  Church  Extension  of  American 

Christian  Missionary  Society 

50,000.00 

50,000.00 

tt 

Board  of  Ministerial  Relief 

16,666.00 

16,666.00 

it 

Christian  Woman's  Board  of  Missions... 

100,000.00 

100,000.00 

tt 

Foreign  Christian  Missionary  Society.... 

100,000.00 

100,000.00 

it 

Methodist  Episcopal  Church 

Board  of  Conference  Claimants 

10,000.00 

10,000.00 

“ 

Board  of  Home  Missions  and  Church 

Extension  

200,000.00 

200,000.00 

it 

Board  of  Foreign  Missions 

1,050,000.00 

1,050,000.00 

ft 

Board  of  Trustees  of  the  Aldrich  Home, 

Grand  Rapids,  Mich 

1,315.78 

1,315.78 

tt 

Colorado  Seminary — The  University  of 

Denver  

3,750.00 

3,750.00 

tt 

12 


Guarantors 

Executive  Committee  of  New  England 

Deaconess  Association  

Illinois  Woman’s  College,  The,  Jackson- 
ville, 111 

Preachers’  Aid  Society 

Wisconsin  Deaconess  Hospital,  Green  Bay, 

Wis.  

Woman’s  Home  Missionary  Society.... 

Methodist  Protestant  Church 

Board  of  Education $ 

Board  of  Young  Peoples’  Work 

Woman’s  Foreign  Missionary  Society ... . 

Woman’s  Home  Missionary  Society 

Board  of  Foreign  Missions 

Board  of  Home  Missions 

Reformed  Presbyterian  Church  in  North 
America 

Board  of  Trustees  of  Geneva  College.... 

Presbyterian  Church  in  the  U.  S. 

Executive  Committee  of  Christian  Educa- 
tion and  Ministerial  Relief  

Presbyterian  Church  in  the  U.  S.  A. 

General  Assembly 

United  Presbyterian  Church 

Board  of  Church  Extension 

Board  of  Education 

Board  of  Foreign  Missions 

Board  of  Freedman’s  Missions 

Monmouth  College  

Board  of  Trustees  of  Muskingum  College 
United  Presbyterian  Theological  Seminary 

-of  Xenia,  Ohio 

Woman’s  Association  of  North  America.. 
Women’s  General  Missionary  Society 

Reformed  Church  in  the  U.  S. 

Forward  Movement  

Reformed  Church  in  America 

Board  of  Domestic  Missions 

Board  of  Foreign  Missions 

Woman’s  Board  of  Domestic  Missions.. 

African  M.  E.  Zion  Church 

German  Evangelical  Synod  of  North 
America 


Amount  of 
Guarantee 

Payments 

Made 

Balance 

Due 

26,000.00 

26,000.00 

None 

1.250.00 

6.250.00 

1.250.00 

6.250.00 

“ 

5,000.00 

30,000.00 

None 

30,000.00 

$5,000.00 

None 

20,332.00 

660.00 

3.550.00 

4.150.00 

4.950.00 
4,950.00 

$ 20,332.00 

660.00 

3.550.00 
413.00 

4.950.00 
4,950.00 

$3,737.00 

None 

18,000.00 

18,000.00 

“ 

5,000.00 

5,000.00 

it 

1,000,000.00 

1,000,000.00 

(f 

31,225.90 

8.516.00 

168,000.00 

50,000.00 

13.695.00 

25.720.00 

31,225.90 

8,516.00 

168,000.00 

50,000.00 

13.695.00 

25.720.00 

« 

4.188.00 

10.130.00 

22.773.00 

4,188,00 
10,130  00 
22,773.00 

“ 

209,948.50 

209,948.50 

“ 

10.000.00 

25,000.00 

5,000.00 

10,000.00 

25,000.00 

5,000.00 

It 

10,600.00 

3,810.00 

6,790.00 

50,000.00 

50,000.00 

None 

13 


Guarantors 
The  Brethren  Church 

Amount  of 
Guarantee 

Payments 

Made 

Balance 

Due 

General  Mission  Board 31,500.00 

General  Sunday  School  Board 2,000.00 

General  Education  Board 100,000.00 

31,500.00 

2,000.00 

100,000.00 

None 

Miscellaneous 

Old  Folks  and  Orphan 

Mexico,  Indiana  

Trustees  of  the  M.  J. 
Home 

Children’s  Home, 

2,000.00 

Clark  Memorial 
2,500.00 

2,000.00 

2,500.00 

“ 

Total. 


$6,561,261.73  $6,545,734.73 


$15,527.00 


EXHIBIT  B. 


MEMORANDUM  SHOWING  LEASEHOLD  OBLIGATIONS  OUTSTANDING 

AS  AT  JUNE  28th,  1920 


Amount  of  Rent 

Unexpired  Period  of 

Annual 

for  Unexpired 

Premises 

Lease 

Rental 

Period  of  Lease 

Greenhut  Building, 

Lease  No.  1 

9 years 

; 7 months 

$340,000 

$3,258,331 

“ “ 2 

4 “ 

7 

16,000 

73,331 

“ “ 3 

0 “ 

7 

70,000 

40,831 

9 “ 

0 

80,000 

720,000 

“ « 4 

9 “ 

5 

100,000 

941,665 

$5,034,158 

894  Broadway, 

7 months 

22.000 

12,833 

111  Fifth  Avenue, 

7 

10,000 

5,831 

160  Fifth  Avenue, 

10 

5,000 

4,166 

10  South  La  Salle  St.,  Chicago,  111. 

10 

3,330 

2,775 

500  South  State  St., 

Chicago,  111. 

7 

3.000 

1,750 

Cangelosi  Bldg.,  Baton  Rouge,  La. 

720 

390 

1530  Munsey  Bldg.,  Baltimore,  Md. 

7 

800 

466 

$5,062,369 

15 


EXHIBIT  C. 


UNDERWRITINGS  NOT  BORROWED  AGAINST 
Status  as  of  October  31st,  1923 


Amount  of 

Payments 

Allowances 

Amount 

Guarantors 

Guarantee 

Made 

Agreed  Upon 

Unpaid 

Baptists 

Board  of  Commissioners  of  the 

the  National  Baptist  Conv.. 

$195,400.00 

$195,400.00 

The  Brethren  Church 

Ashland  College  

3,750.00 

3,750.00 

General  Educational  

6,250.00 

6,250.00 

United  Brethren  in  Christ 

Board  of  Education  

42,275.00 

$3,000.00 

4,000.00 

$39,275.00 

12,000.00 

Bonebrake  Theological  Sem.... 

The  Christian  Church 

16,000.00 

Executive  Board  of  the  Amer. 

Christian  Conv 

32.199.95 

32,199.95 

Evangelical  Association 

Evangelical  Hosp.  & Deaconess 

Assoc,  of  So.  Illinois 

Missionary  Society  of  the 

1,000.00 

1,000.00 

Evangelical  Association  

13,450.00 

13,450.00 

Five  Year  Meeting  of  the 

Friends  in  America 

50,000.00 

15,500.00 

34,500.00 

Methodist  Episcopal  Church 

Arizona  Deaconess  Hospital 

and  Home  

2,500.00 

2,500.00 

Epworth  League  

Executive  Comm,  of  the  Board 

5,000.00 

5,000.00 

of  Trustees  of  Albion  College 

12,500.00 

12,500.00 

Freedman’s  Aid  Society 

33,750.00 

33,750.00 

Gooding  College 

10,000.00 

10,000.00 

Graham  Protestant  Hospital..  . 

10,000.00 

10,000.00 

West  Virginia  Wesleyan  College 

10,000.00 

10,000.00 

Montana  Wesleyan  College.... 
Methodist  Protestant  Church 

5,000.00 

5,000.00 

Board  of  Managers  for  the 

Home  for  the  Aged 

330.00 

330.00 

Reformed  Presbyterian  Church  in 

North  America 

Board  of  Foreign  Missions 

8,750.00 

8,750.00 

United  Presbyterian  Church  North 

America 

Board  of  Ministerial  Relief..  .. 
Bd.  of  Trustees  of  Sterling 

42,500.00 

21,250.00 

21,250.00 

College  (Cooper  College)... 

6,588.00 

3,294.00 

3,294.00 

Amount  of 

Payments 

Allowances 

Guarantors 

Bd.  of  Trustees  of  Westmin- 

Guarantee 

Made 

Agreed  Upon 

inster  College  

10,907.00 

5,453.50 

5,453.50 

Monmouth  College  

11.260.00 

5,630.00 

5,630.00 

Muskingum  College 

43,760.00 

21,880.00 

21,880.00 

Tarkio  College  

Reformed  Church  in  America 
Board  of  Publication  and  Bible 

14,240.00 

7,120.00 

7,120.00 

School  Work  

500.00 

500.00 

Miscellaneous 

John  D.  Rockefeller,  Jr 

Association  of  Commerce, 

Bloomington,  111 

1,000,000.00 

30,000.00 

1,000,000.00 

Amount 

Unpaid 


30,000.00 


$1,617,909.95  $1,138,277.45  $150,402.50 


$329,230.00 


EXHIBIT  D. 

INTERCHURCH  WORLD  MOVEMENT  OF  NORTH  AMERICA 

CONDENSED  CONSOLIDATED  SUMMARY  OF  RECEIPTS  AND  EXPENDI- 
TURES FOR  THE  PERIOD  FROM  THE  BEGINNING  OF  THE 
MOVEMENT  (1919)  TO  OCTOBER  31,  1923  INCLUSIVE 


Receipts  - 

Contributions : 

United  Simultaneous  Campaign — Friendly  Citizens $1,349,265.77 

Program  Fund  Campaign  and  Expense  Budget  Donations..  743,517.89 
Underwritings  not  borrowed  against 1,138,277.45 


$ 3,231,061.11 


Underwritings  collected  as  reported  by  Bankers  Trust  Co., 

New  York  6,545,734.73 

Sales  of  Equipment,  Periodicals,  etc.  and  Sundry  Credits....  844,168.71 

Money  borrowed  on  Notes  Payable  guaranteed  by  Under- 
writers and  still  due  from  Underwriters 15,527.00 


$10,636,491.55 

Expenditures 

General  and  Administration  Expenditures : 

Rent  and  Light  (including  cancellation  of  lease)  $1,288,905.57 


Interest  and  Discount 311,791.30 

Storage  and  Forwarding  Department 133,081.55 

Other  Expenditures  764,059.51  $2,497,83 7.93 


Educational  Group  Expenditures 

Survey  Group  Expenditures 

Promulgation  Group  Expenditures 

Expenditures  in  respect  of  Financial  Campaigns 
Other  expenditures  not  allocated  as  above,  for 
Equipment,  Organizing  and  Operating  in  1919, 

and  other  matters 

Sundry  Advances,  etc.  not  recovered 


289.307.98 

2,271,592.78 

2,465,375.28 

1,977,074.21 


1,083,230.58 

49,524.51  $10,633,943.27 


Balance — Cash  at  Bankers  Trust  Company,  New  York 


$ 2,548.28 


We  It  ave  audited  the  books  and  accounts  of  the  Interchurch  World 
Movement  of  North  America  maintained  in  the  Secretary-Treasurer’s  office 
at  160  Fifth  Avenue,  New  York,  for  the  period  July  9,  1920  to  October 
31,  1923,  inclusive,  and  hereby  certify  that  the  receipts  as  recorded  on  said 
books  have  been  duly  accounted  for  and  the  expenditures  shown  by  said 
books  have  been  supported  by  vouchers.  The  foregoing  Condensed  Con- 
solidated Summary  of  Receipts  and  Expenditures  for  the  period  from  the 
beginning  of  the  Movement  (1919)  to  October  31,  1923,  inclusive,  has 

18 


been  prepared  from  the  books  and  records  submitted  to  us  and  from  a 
certified  statement  prepared  by  Messrs.  Lybrand,  Ross  Bros.  & Mont- 
gomery for  the  period  from  the  beginning  of  the  Movement  (1919)  to 
July  8,  1920,  inclusive. 

Patterson,  Teele  & Dennis, 

Accountants  and  Auditors. 


New  York,  November  20,  1923. 


19 


